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IT exports surge 40.7% YoY to $332m in May

IT exports surge 40.7% YoY to $332m in May
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June 21, 2024 (MLN): Telecommunications, Computer, and Information Services made the largest contribution to the export of services with an amount of $332 million in May, witnessing an increase of 40.68% YoY compared to exports worth $235m in May 2023.

The service sector of Pakistan posed a trade deficit of $193 million in May, reflecting an increase of 3.21% MoM, as compared to a deficit of $187m recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed.

Comparison on a yearly basis shows that the country reported a deficit of $342 m in trade of services in the Same Period Last Year (SPLY).

Details made available by SBP further revealed that the exports of services in May went up by 7.84% YoY to $688m compared to $638m in May 2023.

Similarly, on a month-wise basis, exports rose by 6.5% MoM compared to the figures for April 2024.

Cumulatively in 11MFY24, services exports climbed by 1.18% YoY to $6.442bn compared to exports of $6.367bn in 11MFY23.

Amongst the total exports in the review month, Other Business Services held the second position, bringing $116m in May into the country.

In terms of growth, receipts from the exports of this section went down by 21.62% YoY compared to $148m in the same period last year.

On a sequential basis, other business services surged by 11.54% MoM compared to exports of $104m in April 2023.

Furthermore, the export of transport and travel services contributed an amount of $57m and $66m, respectively in the review period.

The imports of services during the year amounted to $881m, which rose by 10.1% YoY compared to imports worth $980m in SPLY.

On a monthly basis, imports have increased compared to $833m recorded in the previous month.

Going forward, the imports during 11MFY24, stood at $8.348bn, up by 20.78% YoY compared with the number during 11MFY23.

Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $368m, witnessing an increase of 6.05% YoY and 5.44% MoM.

The Travel services cost the country around $209m, recording a decline of 46.95% YoY and 1.42% MoM.

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Posted on: 2024-06-21T17:13:24+05:00